Well, I had a different bike but the principal is the same.
On my 97 KTM 250 EXC, the flywheel weight was removable. As an experiment I had it removed.
Result - noticeably quicker acceleration but not a huge difference, stalled much more easily in the rock gardens, on roots, whenever the going got really gnarly.
Why? less mass to move made the acceleration quicker, but also made it easier to stop that moving mass, and therefore the engine
Conclusion? I put mine back on.
I wouldn't permanently alter the flywheel unless you can replace it. And I wouldn't do it unless I was going to ride MX or ride trails without much in the way of slow speed obstacles.